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The National Bank of Kazakhstan (NBK) launched a new local agency that will be in charge of the CBDC development in the country. According to an official press release, the new agency will be called the National Payment Corporation. The primary responsibility of the new agency will be to control the national payment system, including money transfers, digital identification, and interbank clearing services. The initiative for developing the local CBDC, the digital tenge, started at the beginning of 2023. The digital tenge is set to be released in 2025.  The CDBC development in the country is currently under a pilot phase with actual companies and consumers. Binance partnered with Kazakhstan for the development of the digital currency. You might also like: Binance unveils local crypto exchange in Kazakhstan Despite recent issues related to crypto mining, Kazakhstan is generally considered a crypto-friendly destination. It is a crucial access point to the Commonwealth ...

The blockchain-based national eKYC banking platform is aimed at strengthening anti-money laundering (AML) capabilities while countering terror financing. Pakistan Banks’ Association (PBA) — a group of 31 traditional banks operating in Pakistan — signed off on the development of a blockchain-based platform for Know Your Customer (KYC) initiatives.  On March 2, PBA signed the project contract for developing Pakistan’s first blockchain-based national eKYC (electronic Know Your Customer) banking platform, reported Daily Times. The move was aimed at strengthening anti-money laundering (AML) capabilities while countering terror financing — an initiative led by the State Bank of Pakistan (SBP). The member banks include international establishments such as the Industrial and Commercial Bank of China, Citi bank and Deutsche Bank. Moreover, the blockchain platform will improve operational efficiencies — primarily aimed at improving customer experience during the onboarding process. A momentous ...